ADA price found good support yesterday at $2 and bounced back with an upward trend reaching $2.18. It managed to touch $2.2 momentarily but failed to surpass the downward trendline and had to back down. During the decline, ADA lost the $2.1 support and fell as low as $1.98. At some point, it touched the $1.9 but pretty soon climbed back up to $2. Once again, ADA demonstrated a good support at this level. Today, the price started to go up but had to halt by reaching the downward trendline. Currently, ADA price is at $2.10 and is trying to surpass the downward trendline.
ADA Price Action Analysis
Taking a look at the chart, we see ADA consolidating in the $2 to $2.2 range. Yesterday, it touched $2.2 but faced strong resistance at this level and fell down to $2. It even touched $1.9 but climbed back up to $2.
Using this support at $2, ADA price started a new bullish run and reached $2.10 by surpassing $2.05.
At this point, ADA is faced with the downward trendline and in case of a break through, we can expect it to reach $2.18 to $2.2. In that scenario, the SMA100 and another downward trendline at $2.2 will be the next resistance levels for it.
On the other hand, if ADA price fails to surpass the $2.10, there could be another price correction. For that scenario, the $2.05 and then $2 are the primary support levels for the price. Further decline can bring the price closer to $1.9 to $1.88 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on an upward momentum.
RSI: the 1-hour relative strength index is approximately 54.
Resistance levels: the first support level will be $2.10 Then the $2.18 to $2.20 zone will be next. Following that, the $2.3 will follow.
Support levels: the first support for ADA is around $2.05. Then the $2 to $1.97 will be the next down the line. The important support however will be at $1.8.
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